USD/JPY is consolidating higher but the trend remains clearly negative. Strong support is located at 107.32 (08/09/2017 high). Expected to show further downside pressures.
We favor a long-term bearish bias. Support is now given at 99.02 (10/08/2013 low). A gradual rise towards the major resistance at 125.86 (05/06/2015 high) seems unlikely. Expected to decline further support at 93.79 (13/06/2013 low).
